Coin operated carwash, a brilliant idea.
Most entrepreneurs are looking for a lucrative business. That can provide the ultimate passive income. Because this is way better than an active income which needs much attention and time to get a hold of it.
But the truth of the matter is, passive income is another job. It needs you to establish the first before it pours you out with extra dollars in your bank deposits.
Is Coin Operated Car wash can be considered as passive income?
No, and yes.
We cannot promise you the moon and stars in this article, folks. A coin-operated car wash is as good as a traditional business, per se. It may not be very traditional, but it still needs your attention and time to make them stand on their own later on. And, yes, passive income can flow.
Yet, it is not an overnight process.
These are machines that cannot work on its way out. It may need repairs and must be maintained. So, you can’t sit back and relax. The true nature of a business is – move and work it out.
Coin Operated Car Wash, drop a dollar and start earning!
There are several reasons why you’ll choose a coin-operated cash wash business over others.
Reason #1: Easy to start with minimal operating expenses.
The inventory is minimal, which only requires the cost of equipment and supplies.
Reason #2: Less number of manpower needed.
As the idea of “self-served” business, makes it more appealing to entrepreneurs. As it won’t need them to hire a lot of people. And this saves them time, cost and energy.
Reason #3: Vast target market.
If these 3 big reasons have made you see the great potential of a coin-operated business. Read on. Learn more about how to get yourself started.
Ideas in starting a coin-operated business
IDEA #1: A strategic location makes it a perfect option.
This is the crucial part of your decision. In setting up a coin-operated car wash, you need to give the area of the location a big consideration. A large place will give your customers a parking spot to take a look at your business. If for them it can be too crowded, they might not consider even dropping by.
To attract more customer, it would be better to situate it front malls, grocery stores and the main road in the city. This is where the heavy traffic of customers is. And it is more accessible to your prospected end users.
Part of this is your Parking space. This is very important, to give have enough space to accommodate your customer. Some customer wanted to witness, look or even inspect how we render our service them.
IDEA #2: Study which Place of the Country has a good market potential for a coin-operated car wash.
As part of your feasibility study, examine which state you can best build your business. And which part of the year will it have the highest or lowest demand? This is important to know as the changing weather can affect the influx of your customers.
IDEA #3: Plan your initial investment.
This includes how much capital you need to start a coin-operated car wash. To establish this, there are ways the business can be financed. The capital cost may vary from one plan to another. It may depend on the location and building facility costs.
You can have an option to start it from scratch or as a new or a “used” business which cost lesser.
A good feasibility study which includes the cost will give you a better picture. And can be your passport for a loan. The monthly amortization must be included
IDEA #4: Return on Investment.
This is believed to the most important element that each entrepreneur need to check. To tell them that it is worth the risk and effort to build the business. A right amount of the income and profit will keep the business going. Hence, it must be known to the investor how much income is needed every day. To cover up the initial capital of the business. If the net is positive, then it means a good chance for the business to succeed.
Coin operated Car wash is one of many businesses that have good potential for a passive income. A good system incorporated in it will help you generate cash. This is a good choice for an entrepreneur seeking automation. Through it works thru electronics, there is still a need to manage minimal manpower. As you’ll need someone to oversee the operation as well as someone to pull out coins from the machines.